UNUSUAL FINANCE
AVOIDING AN OVERDRAFT RATES PAID IN ADVANCE A novel method of local body finance was adopted by the Moutoa Drainage Board, Foxton, at its monthly meeting. The clerk, Mr. G. V. Fraser, in submitting his financial statement, commented on the fact that funds were low and that there was a payment of approximately £IOO to meet before the next meeting. Under the circumstances it Would be necessary for arrangements to be made for an overdraft at the bank.
The chairman, Mr. F. S. Easton, suggested that the trustees should pay in their rates for the coming year and thus obviate having to go to the bank. Though the rates had not been struck they all knew approximately what their indebtedness was likely to be. To give practical support to his suggestion the chairman wrote out a cheque for his estimated rates, running into several hundred pounds. The remaining four trustees, Dr. A. H. Wall and Messrs. H. Robinson, R. E. Downes and W. H. Smith, followed suit, therebv placing the board on a sound financial footing pending the assessment and striking of the coming year's rates.
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https://paperspast.natlib.govt.nz/newspapers/GISH19390807.2.36
Bibliographic details
Gisborne Herald, Volume LXVI, Issue 20009, 7 August 1939, Page 4
Word Count
188UNUSUAL FINANCE Gisborne Herald, Volume LXVI, Issue 20009, 7 August 1939, Page 4
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